SUDBURY, Ontario--(BUSINESS WIRE)--Flosonics Medical, a Canadian medical device company focused on non-invasive hemodynamic monitoring, announced the close of a $14 million USD funding round led by Arboretum Ventures. The financing also included participation from existing investors iGan Partners and Genesys Capital. Dan Kidle, Partner at Arboretum Ventures, will join the board of directors.
Flosonics Medical is developing non-invasive wireless sensors to improve the management of critically ill patients. The company’s core technology, FloPatch, is a low cost, easy-to-use, wearable Doppler ultrasound sensor that adheres to a patient’s neck. FloPatch provides hands-free blood flow assessments during clinical interventions by sending data wirelessly to mobile devices using low energy Bluetooth.
“This financing is an important milestone which coincides with our technology’s transition to the clinical setting,” said Dr. Joe Eibl, CEO and Co-Founder of Flosonics Medical. “Our team has developed the world’s first wireless Doppler ultrasound patch. This breakthrough technology will, for the first time, enable non-invasive on-demand Doppler measurement of blood flow, which we believe will be an essential tool for the medical community.”
FloPatch blood flow assessments can provide important clinical insight for patients in the emergency department, operating room, general medical floor and intensive care unit. The company's first product, the FloPatch FP 120, recently received regulatory clearances from FDA and Health Canada. Financing proceeds will be used for commercial launch in North America and new product development.
“FloPatch is a new paradigm in patient monitoring,” said Dr. Jon-Emile Kenny, Flosonics’ Chief Medical Officer. “Blood flow has been a missing vital sign, and we’re proud to have re-imagined Doppler ultrasound as a simple, wireless, low-cost, single-use wearable.”
Arboretum Ventures is a healthcare-focused venture capital firm with a history of investing in impactful medical innovation. “Our fund is focused on supporting emerging technologies that have potential to transform clinical care. FloPatch is a truly differentiated monitor, and we’re excited to partner with Flosonics’ team of world-class ultrasound engineers, physiologists, and clinicians,” said Dan Kidle, Partner at the firm.
About Flosonics Medical
Flosonics Medical is a venture-backed medical device company headquartered in Sudbury, ON. Flosonics Medical is focused on the intersection of wearable sensors, ultrasound, and connected devices. Founded in 2015, the company employs over 20 employees engaged in the research and development of its current technology, which has achieved regulatory clearance by the FDA and Health Canada.
About Arboretum Ventures
Arboretum Ventures is a venture capital firm specializing in the healthcare sector. Founded in 2002, the firm has raised $700 million in capital to support a portfolio diverse in stage and geography. The investment team targets capital-efficient companies that improve patient outcomes and reduce healthcare system costs across medical devices, life science tools & diagnostics, and tech-enabled care delivery. Arboretum is headquartered in Ann Arbor, Michigan. More information is available at www.arboretumvc.com.